Professional liability insurance is a broad class of liability insurance policy intended to protect professionals from any liability that they might incur while on the job due to a real or perceived failure to properly render professional services.
There are different types of professional liability insurance available for those in different professions. This type of liability insurance is usually purchasable through a private insurance company or through a professional association/body related to your occupation.
What is Medical Malpractice Insurance?
Due to the work they perform, medical and health care professionals are exposed to costly and complex litigation on a daily basis. Medical Malpractice insurance is a sub-class of professional liability insurance made especially for health care professionals like therapists, nurses, dentists, or doctors including Traditional Chinese Medicine (TCM) practitioners.
The goal of this coverage is to protect health care providers if patients sue alleging that they were harmed due to negligence on the part of the medical professional. Most claims allege negligence during either diagnosis or treatment.
This insurance would pay for any damages awarded against you as well as any ancillary expenses involved in your defense. This includes coverage for any court costs assessed against you, the cost of defense (lawyer & legal fees, expert witnesses, etc.) and even lost wages should you need to take time off work to testify. These extra costs are usually covered on top of whatever limit of insurance you purchased.
As a bonus, many insurance companies will also extend these defense cost coverages to provide you with legal representation during any investigation or disciplinary hearings from any regulatory body, employer or professional association in Hong Kong.
Do I need Medical Malpractice Insurance?
Most medical professionals working in Hong Kong hospitals would be covered under the Hospital Authority’s group policy. But for medical professionals working outside of the system, or when the group policy fails to respond, this type of coverage is necessary.
Even if you are very careful in your practice and never make a mistake, even meritless lawsuits against you can be costly as you’ll have to hire a lawyer to defend you.
How much does it cost?
Most insurance policies will look at claims history, but with Medical Malpractice insurance, it’s not a very important factor. Costs depend on what type of medical professional you are as different specialties carry different risks. A heart surgeon is more likely to cause more serious damage that a dentist would so they might be required to pay higher premiums. Generally speaking, location plays a role as well.
If you’re interested in a more detailed quote, contact us.